TORONTO, Jan. 24, 2012 /PRNewswire/ - Agnico-Eagle Mines Limited
("Agnico-Eagle") announced today that it has acquired the remaining
5,032,139 common shares (the "Shares") of Grayd Resource Corporation
("Grayd") not already owned by Agnico-Eagle, representing approximately
5.23% of the outstanding Shares on a fully-diluted basis, pursuant to a
previously announced compulsory acquisition carried out under the
provisions of the Business Corporations Act (British Columbia) (the "Compulsory Acquisition"). Following completion
of the Compulsory Acquisition, Agnico-Eagle now owns 96,261,039 Shares,
representing 100% of the outstanding Shares on a fully-diluted basis.

Agnico-Eagle acquired the remaining 5,032,139 Shares for the same
consideration and on the same terms contained in the offer and circular
dated October 13, 2011, as amended and supplemented by a notice of
change and variation dated October 21, 2011 (as amended and
supplemented, the "Offer"), being consideration per Share of, at the
election of each shareholder of Grayd, either (a) Cdn.$2.80 in cash or
(b) 0.04039 of a common share of Agnico-Eagle and Cdn.$0.05 in cash,
subject, in each case, to pro ration and rounding as set out in the
Offer.

Agnico-Eagle intends to cause Grayd to take the necessary steps to
delist the Shares from the TSX Venture Exchange (the "TSX-V") shortly.
Following the delisting of the Shares from the TSX-V, Agnico-Eagle
intends to cause Grayd to apply to the relevant securities commissions
for Grayd to cease to be a reporting issuer.

About Agnico-Eagle

Agnico-Eagle is a long established, Canadian headquartered gold producer
with operations located in Canada, Finland and Mexico and exploration
and/or development activities in Canada, Finland, Mexico and the United
States. Agnico-Eagle has full exposure to higher gold prices consistent
with its policy of no forward gold sales and maintains a corporate
strategy based on increasing shareholders' exposure to gold on a per
share basis. It has paid a cash dividend for 29 consecutive years.
Agnico-Eagle's head office is located at 145 King Street East, Suite
400, Toronto, Ontario M5C 2Y7.

Forward-looking statements

The information in this news release has been prepared as at January 24,
2012. Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and "forward looking
information" under the provisions of Canadian provincial securities
laws and are referred to herein as "forward-looking statements". When
used in this document, words such as "intends" and similar expressions
are intended to identify forward-looking statements or information.

Such statements and information include, without limitation, statements
relating to Agnico-Eagle's intention to cause Grayd to take the
necessary steps to delist the Shares from the TSX-V and to apply to the
relevant securities commissions for Grayd to cease to be a reporting
issuer.

These forward-looking statements are subject to numerous risks,
uncertainties and assumptions, certain of which are beyond the control
of Agnico-Eagle. Agnico-Eagle disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise except as required by
applicable securities laws.